French Legal Investigation: Eurotunnel Board Supports Directors and Rejects Allegations.Business Editors PARIS--(BUSINESS WIRE)--May 17, 2000 The joint Board of Eurotunnel, at its regular meeting today prior to the AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f , noted the decision by the French magistrate Any individual who has the power of a public civil officer or inferior judicial officer, such as a Justice of the Peace. The various state judicial systems provide for judicial officers who are often called magistrates, justices of the peace, or police justices. investigating two sets of claims by a small number of French shareholders to hear evidence from ("mise en examen ex·a·men n. An examination; an investigation. [Latin ex  men, a weighing out; see examine.]Noun 1. ") six of Eurotunnel's past and present executive directors. The non-executive members of the Board unanimously confirmed their full support for and confidence in their two executive colleagues on the Board - Patrick Ponsolle, Group Executive Chairman and Georges-Christian Chazot, Group Managing Director - as well as Alain Bertrand, Director of Planning and Development, and the three past directors - Sir Alastair Morton Sir Alastair Morton (Robert Alastair Newton Morton) (11 January 1938 — 1 September 2004) was Chief Executive of Eurotunnel and Chairman of the Strategic Rail Authority and an industrialist of considerable achievements and renown. and Andre Benard, former Co-Chairmen, and Graham Corbett, former Chief Financial Officer. The Board would also like to make clear that it totally rejects the allegations that have been made against these directors, and the criticisms of them contained in the recent report on these allegations by two experts commissioned by the magistrate. The first claim, made in 1994 by Christian Cambier, the then Chairman of the Association pour L'Action Eurotunnel (AAE AAE American Association of Endodontists. ), related to alleged insider trading at the time of the rights issue in May 1994. This allegation The assertion, claim, declaration, or statement of a party to an action, setting out what he or she expects to prove. If the allegations in a plaintiff's complaint are insufficient to establish that the person's legal rights have been violated, the defendant can make a has been made against a number of financial institutions, not Eurotunnel. In fact, Eurotunnel joined the legal action at the time as a third party, believing that should it prove that financial institutions had been involved in any insider trading, Eurotunnel may be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to sue them and claim damages. The second claim, made in 1997 by a small number of shareholders most of whom were members of the Association de Defense des Actionnaires d'Eurotunnel (ADACTE), referred mainly to allegations of publishing false accounts, publishing misleading information in 1993 and 1994, and misuse of company assets. The experts' report on these allegations contained certain criticisms of individual directors. A very detailed response has been sent to the magistrate by Eurotunnel's lawyers, which comprehensively refutes these criticisms. It points out that they were based on multiple errors of fact, and resulting errors of interpretation, which could have been avoided if they had been discussed with Eurotunnel and its professional advisors. The Board is confident that the procedure of "mise en examen" will give the six past and current directors the opportunity to correct these misapprehensions directly with the magistrate. Eurotunnel will continue, as in the past, to co-operate fully with the investigation in an open and constructive manner. The Board and Management will continue to concentrate their full attention on completing the strong recovery of Eurotunnel which has seen, since the financial restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of 1997/98, a major turnaround in operating results and consistent out-performance of the forecasts contained in the 1997 prospectus. Note to Editors: The "mise en examen" is the procedural means for the investigating magistrate to interview the persons concerned by the claims. The investigatory hearing does not prejudge pre·judge tr.v. pre·judged, pre·judg·ing, pre·judg·es To judge beforehand without possessing adequate evidence. pre·judg the next stage in the legal process nor imply the guilt of the people involved. Additional information on Eurotunnel can be accessed on the company's home page: http://www.eurotunnel.com |
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